Saipem, revenues down to 6.875 billion in 2021. Completed the backlog review
Saipem lift the veil on data of the preliminary balance sheet 2021 after profit warning launched at the end of January, revealing numbers strongly impacted by the recent earthquake following the review of the backlog. The company led by Francesco Caio thus closes the year with adjusted revenues Of 6.875 billion euros, down from 7.342 billion in 2020.adjusted EBITDA it was negative for 1.192 billionagainst a positive figure of 614 million in 2020.
According to what the company communicates, the rreview of projects in progress, backlog review precisely, launched in January 2022, did not suffer further impactsi compared to what was communicated on January 31, 2022. The revision has come to cover as a whole 22 projects, representing approximately 80% of the total consolidated backlog value existing at 30 September 2021, approximately 88% of consolidated backlog of the E&C segments on the same date. This examination, in fact, has been completed and has not shown any further impacts with respect to what was communicated on January 31st.
Back to the accounts, in the solo fourth quarter last year ladjusted EBITDA it was negative for 901 million of Euro. The result of the backlog review on E&C projects it weighed on the fourth quarter and on the year for 1.020 billion and led to the withdrawal of the outlook communicated last October 28. Saipem confirms in the fourth quarter “the signs of improvement in offshore and onshore drilling, with an increase in demand and prospects for full use of the operational fleet “.
Excluding the impact of the backlog review, L’adjusted EBITDA of 2021 it would have been negative for 172 million. On the whole of 2021, he specifies Saipemthe continuing effects of the Covid emergency also weighed, with “delays in the execution of projects and the postponement of investment decisions in the sectors of interest”.
Adjusted EBIT it was negative for 1.713 billion against a profit of 23 million in 2020. Financial debt net as of last December 31 was equal to 1.541 billion: 1.226 billion on the same date in 2020. Finally, Saipem boasts a liquidity of € 2.3 billionof which around 700 million are available and the remainder is mainly linked to projects in joint venture.
(Total orders for 2021 follow …)
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